CROSBY TUGS, LLC
PPP Loan approved Apr 9, 2020 through Gulf Coast Bank and Trust Company
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $6,237,300.00 | 75.0% |
| Utilities | $2,079,100.00 | 25.0% |
About This Loan
CROSBY TUGS, LLC received a PPP loan of $8,316,400 approved on Apr 9, 2020. The loan was originated by Gulf Coast Bank and Trust Company.
CROSBY TUGS, LLC is a limited liability company(llc) located in GALLIANO, Louisiana. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Inland Water Transportation industry (NAICS 483212), part of the Transportation and Warehousing sector of the economy. The applicant reported 467 jobs as retained through this loan.
The SBA forgave $8,417,813.88 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jul 1, 2021. This means the borrower was not required to repay this portion, having satisfied the PPP's eligibility criteria for forgiveness, including maintaining payroll levels and using the funds for qualified expenses.
According to the SBA's records, the proceeds of this loan were allocated as follows: $6,237,300 to payroll, $2,079,100 to utilities. The payroll component represents 75.0% of disclosed proceeds, consistent with the program's requirement that at least 60% of loan funds be used for payroll costs to qualify for full forgiveness.
This loan is one of millions approved nationwide during the COVID-19 pandemic. To explore other recipients in Louisiana, visit the Louisiana page. To compare this loan with others in the same industry, see the Inland Water Transportation industry page.